| August 31, 2023 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
Today CCP12 officially became CCP Global, though their long name is The Global Association of Central Counterparties. This is the global organization headquartered in Amsterdam that represents clearinghouses, and the rebrand was decided at their annual meeting in Bangkok on June 13, 2023. CCP Global represents 42 members who operate more than 60 individual CCPs globally across EMEA, the Americas and the Asia-Pacific region. The new website for CCP Global is https://ccp-global.org.
As we head into fall, it is good to take a look at the current state of COVID-19, which is seeing a resurgence in recent weeks. According to the U.S. Center for Disease Control and Prevention (CDC), hospitalizations were up 18.8% in the recent week. Deaths were up 21.4% in the most recent week and represented 1.7% of all deaths. The total number of deaths attributed to COVID-19 is 1,138,602, while the total number of hospitalizations is 6,272,227. You can dig deeper into the data with the COVID Data Tracker from the CDC.
The United States is working on a national alert system. You know those annoying alerts you get on television? Well, that is coming to your cell phone. The New York Times reports "Every television, radio and cellphone in the United States is going to broadcast a message on Oct. 4 along the lines of: "THIS IS A TEST of the National Wireless Emergency Alert System. No action is needed." The test alert will be sent out around 2:20 p.m. Eastern time. The test will be conducted by the Federal Emergency Management Agency, working in coordination with the Federal Communications Commission."
JLN recently published a video interview I conducted with Cassini System Founder and CEO Liam Huxley and yesterday on LinkedIn I posted three separate video snippets from that interview. The videos can be seen HERE, HERE and HERE. In the videos, Huxley discusses the origins of Cassini Systems, how to be effective in doing what Cassini is solving for, and the technology challenges of combining so many different data sets, so many different moving parts.
FIA posted to LinkedIn "August 2023 Highlights" with the subheading "FIA leaders on top priorities for FIA, proposed capital requirements in the US, and a new report on non-default losses at CCPs."
Connamara has a new monthly newsletter called "The Agilist." The August edition includes book recommendations; how to ace a software engineering test; leading brokerage replaces 100% of the firm's OTC swap business with hedge management platform; and an interview with CEO Jim Downs on 25 years of entrepreneurship.
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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Our most read stories yesterday on JLN Options were:
- The SEC Releases New Information Regarding A FINRA Rule Change For Options Trading
- Hedge funds have made a huge push into risky assets. Here's what that means.
- Surge in Hedge-Fund Treasury Shorts Hints at Rise of Basis Trade ~JB
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Gary Gensler unleashes biggest SEC regulatory blitz since financial crisis; US watchdog has proposed 47 rules affecting market participants under chair's leadership
Brooke Masters - Financial Times
US Securities and Exchange Commission chair Gary Gensler has hit the financial sector with more new major rules and regulatory proposals than any predecessor since the response to the 2008 global financial crisis, a new tally shows. Gensler's SEC has put forward 47 proposals that substantially affect market participants and adopted 22 of them in the first 850 days of his leadership, ending August 15, the Committee on Capital Markets Regulation calculated.
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***** Gary Gensler likes to keep his SEC, or previously his CFTC staff, drinking from a firehouse as new rules are proposed. It is also the Regulatory Attorney Employment Act of 2023. ~JJL
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The Age of Prediction - where will algorithms take us? An ambitious study explores the problems and paradoxes arising from the startling breakthroughs of AI
Felix Martin - Financial Times
"Humanity has entered a new era." That is the bold claim with which quant investor Igor Tulchinsky and Cornell professor of genomics Christopher E Mason begin The Age of Prediction, their ambitious new survey of how predictive algorithms are changing the world. Its publication could hardly be better timed. The public first became aware that something big was happening in the world of AI back in 2016, when Google DeepMind's AlphaGo program defeated the reigning world champion at Go. Four years later, the company's AlphaFold program solved one of the biggest puzzles in modern biology: the challenge of predicting the molecular structures into which proteins fold, based only on the sequences of their constituent amino acids.
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****** This is exactly why I try to stay unpredictable, but then you knew I was going to say that.~JJL
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Wednesday's Top Three
Our top story Wednesday was SEC Denial of Grayscale Bitcoin Fund Was Arbitrary and Capricious Rules DC Circuit Court of Appeals, a summary of the SEC Grayscale decision from Katten. Second was The Gambler Who Beat Roulette, from Bloomberg. Third was the job application for a learning and development specialist position at Geneva Trading.
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| Lead Stories | The Global Association of Central Counterparties - adopts its new name and branding from CCP12 to CCP Global.
CCP Global
Today, The Global Association of Central Counterparties, officially adopts its new name and branding as CCP Global. The full official name will remain The Global Association of Central Counterparties. For years, the association had used "CCP12" as its name, reflecting an early core group of twelve CCPs who established the association in 2001. The decision was taken during the Annual General Meeting in Bangkok, Thailand on the 13th June 2023, and becomes effective as of 31st August 2023. The rebranding signifies the association's enduring commitment to advancing collaboration and innovation among central counterparties globally.
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Little evidence that a spot bitcoin ETF would expand the market; BlackRock's application and Grayscale's court victory stirred the crypto world, but such investment vehicles look very vanilla
Stephen Foley - Financial Times
You don't have to want to invest in bitcoin to be in favour of US regulators giving their approval to a bitcoin exchange traded fund. You can disapprove of other people putting their money into the cryptocurrency but defend the idea that the Securities and Exchange Commission should let them. Perhaps not to the death - we don't need to go all Voltaire about this - but you get the idea.
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UBS breaks banking industry record with $29bn profit after Credit Suisse takeover; Swiss bank plans to complete integration and make $10bn of cost cuts by 2026
Owen Walker - Financial Times
UBS has reported the biggest-ever quarterly profit for a bank, after recording a $29bn gain linked to its takeover of Credit Suisse. The Swiss lender announced the figures on Thursday as it said it would press ahead with absorbing Credit Suisse's domestic business despite local and political opposition to a deal that is expected to result in thousands of job cuts and branch closures.
/jlne.ws/3Z0LgnS
UBS Gets Everything It Wants From Credit Suisse; Swiss bank confirmed a huge accounting gain from buying its rival, and said it would retain Credit Suisse's moneymaking domestic unit despite political backlash
Jon Sindreu - The Wall Street Journal
Not only has UBS notched a huge profit in buying its rival Credit Suisse, but it looks like it will keep the best bits of it no matter what politicians say. On Thursday, the Swiss bank reported its highest profit ever for the second quarter of the year. Net earnings came in at $29 billion, almost all of it attributable to $29 billion of "badwill"-the difference between UBS's fresh estimate of Credit Suisse's book value and the paltry $3.6 billion it paid to acquire the bank earlier this year.
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UBS begins $10 bln cuts, axing 3,000 jobs after Credit Suisse deal
Noele Illien and Oliver Hirt - Reuters
UBS Group embarked on a sweeping plan to cut more than $10 billion in costs, saying on Thursday it will axe 3,000 jobs in Switzerland alone after it took over its stricken rival Credit Suisse. The plan to cut roughly one in 12 Swiss jobs gives a glimpse of the scale of shake-up at the newly forged banking giant, as it grapples with the task of swallowing a competitor that unravelled after panicked customers withdrew tens of billions.
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Foreign investors sell China shares at record pace in August; Outflows of $12bn come as Beijing's support measures fail to offset fears over economic slowdown and property crisis
Hudson Lockett - Financial Times
Foreign investors sold a record $12bn worth of Chinese stocks in August as piecemeal support measures from Beijing failed to assuage concerns over slowing growth in the world's second-largest economy and a worsening crisis in the country's property sector.
/jlne.ws/3EkBIdz
Fed warned Goldman Sachs over risk and compliance oversight at fintech unit; US bank stops taking on riskier clients, according to people with knowledge of the warning
Akila Quinio, Joshua Franklin , Colby Smith - Financial Times
US banking regulators have raised risk and compliance concerns over Goldman Sachs' partnerships with financial technology companies, according to people with knowledge of the talks, in the latest operational headache facing the New York investment bank. A division of the bank's transaction banking business (TxB) has stopped signing on riskier fintech clients following the warning by the Federal Reserve earlier this year, according to two people familiar with the matter. Issues raised by the Fed have included insufficient due diligence and monitoring processes when accepting high-risk non-bank clients, they said.
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Goldman Used to Be a Dream, Now It's Just a Bank; CEO David Solomon is under heat for gruffness, DJing and using private planes. But his real sin was getting into commercial banking.
Jessica Karl - Bloomberg
Sometimes I wonder what it would be like to start working at Goldman Sachs *right now.* At the time of writing, the firm is hiring for 244 New York-based positions, so somebody is doing it. And if that person were to, say, write a diary entry after their first day, maybe it'd look like this:
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A regulatory butterfly effect threatens UK investment companies; An uneven playing field is preventing these funds from putting money into the productive economy
Sharon Bowles - Financial Times
We have all heard of the butterfly effect - where small things have non-linear impacts on a complex system. That is happening right now in the UK market for closed-end investment funds, also known as investment companies. Should we care that the market for investment companies, which at the end of July had 377 companies and £267bn of assets, has in effect been closed by a regulatory desire for artificial tidiness? Many investors and investees are fuming that they are now blocked from investing in the productive economy. The question for the UK Treasury and the regulator, the Financial Conduct Authority, is: why haven't you stopped the butterfly from flapping its wings?
/jlne.ws/3YWh7po
Switzerland unveils money laundering clampdown; Alpine country plans to require more disclosure to address reputation as haven for dubious gains
Sam Jones - Financial Times
Switzerland has proposed sweeping measures to clamp down on money laundering in an effort to shed the country's reputation as a haven for ill-gotten gains. Finance minister Karin Keller-Sutter unveiled reforms on Wednesday to increase transparency and close legal loopholes by requiring the ultimate "beneficial owners" of trusts and companies to be declared.
/jlne.ws/3P17Isp
Idalia Could Become Another Multibillion-Dollar Superstorm
Andrew Ross Sorkin, Bernhard Warner, Sarah Kessler, Michael J. de la Merced, Lauren Hirsch and Ephrat Livni - The New York Times
Hurricane Idalia strengthened to a Category 3 storm on Wednesday morning, packing soaking rains and destructive winds of up to 125 miles per hour, as it lumbers toward the Florida coastline. Officials along Florida's Gulf Coast and in Georgia and the Carolinas have issued emergency warnings, as the region braces for yet another "multibillion-dollar insurance industry event."
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Laszlo Birinyi, Leading Stock Picker and Market Forecaster, Dies at 79; His investment strategy, which tracked the flow of money, won him a reputation for prescience in the 1990s.
Alex Traub - The New York Times
Laszlo Birinyi, an investor who declared that he took little interest in corporate news, financial algorithms and even the economy itself, and who instead "listened" to the market, as he put it, developing a theory about the flow of money that made him one of the nation's foremost stock pickers in the 1990s, died on Aug. 21 at his home in Southport, Conn. He was 79. His wife, Jill Costelloe Birinyi, said the cause was chronic heart failure. Mr. Birinyi (pronounced BUH-ree-nee), a former equities analyst at Salomon Brothers who founded his own money management firm in Westport, Conn., argued that the market had not only a history but also a "psychology," and he used this insight as the basis for his market predictions.
/jlne.ws/3ssIHhU
Why Verizon, AT&T and T-Mobile Want to Access Your Bank Account; And what you need to know before accepting the discount they are offering in return
Shara Tibken - The Wall Street Journal
Wireless carriers want to give you a monthly discount. You just have to pay them with your bank account. Some already offered $5 or $10 monthly discounts for setting up automatic payments. Over the past few months, these companies have shifted their offers to require customers to link a debit card or bank account-specifically not a credit card-to get the discount.
/jlne.ws/3qQrajt
Kansas reporter files federal lawsuit against police chief who raided her newspaper's office
Josh Funk - The Associated Press
One of the reporters who works at the small Kansas newspaper that was raided by authorities earlier this month filed a federal lawsuit against the police chief Wednesday. Deb Gruver believes Marion Police Chief Gideon Cody violated her constitutional rights when he abruptly snatched her personal cellphone out of her hands during a search where officers also seized computers from the Marion County Record's office, according to the lawsuit.
/jlne.ws/3swY1KG
FCA releases update to wholesale data market study; Newest communication follows watchdog's findings in March that found competition in the wholesale data market lacking.
Claudia Preece - The Trade
The Financial Conduct Authority (FCA) published an update to its progress regarding its wholesale data market study on Thursday, aimed at addressing the markets' competition concerns. Speaking to the current state of play, the regulator explained: "We are continuing to identify any harm in these markets and, where appropriate, potential ways to address it."
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LSEG's LCH SA promotes from within for new chief executive officer; New appointment will replace Christophe Hemon, who is set to step down as chief executive of LCH SA after almost 20 years.
Wesley Bray - The Trade
LCH Group has appointed Corentine Poilvet-Clediere as chief executive of the firm's Paris-based European central counterparty LCH SA. Poilvet-Clediere will assume the role on 1 October, subject to regulatory approvals. She will replace Christophe Hemon, who confirmed he would be stepping down as chief executive of LCH SA on 1 October - when Poilvet-Clediere assumes the role - after nearly two decades in office.
/jlne.ws/3qMWLTc
Plato Partnership admits Liquidnet as strategic partner; Follows the addition of Kepler Cheuvreux, UBS Asset Management and Pictet Asset Management as founding members late last year.
Wesley Bray - The Trade
Non-profit member organisation for the equity marketplace, Plato Partnership, has added Liquidnet as an inaugural strategic partner. Liquidnet brings knowledge and experience in capital markets to the Partnership and will play a crucial role in shaping and informing Plato's initiatives within capital markets, the organisation said.
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Ukrainian Counteroffensive Pierces Main Russian Defensive Line in Southeast; After three months of grinding advances in Western-backed operation, Kyiv accelerates thrust along main line of attack
James Marson - The Wall Street Journal
Ukrainian forces have penetrated the main Russian defensive line in their country's southeast, raising hopes of a breakthrough that would reinvigorate the slow-moving counteroffensive. Ukrainian paratroopers are fighting through entrenched Russian positions on the edge of the village of Verbove, a Ukrainian officer in the area said. Ukrainian forces have also reached the main defensive line to the south of nearby Robotyne village, he said. Ukraine's military confirmed advances toward Verbove and south of Robotyne, without giving details.
/jlne.ws/3ElQr8m
The reason Ukraine's drone attacks are more effective than Russia's
Marcel Plichta - The Telegraph
Ukraine's newest drone attacks shattered the Russian belief that they can defend themselves. From mid-August strikes aimed at the centre of Moscow to this week's attack on multiple Russian military airfields and bases, Ukraine is proving that the canny use of one-way attack (OWA), or so-called "suicide" drones, can challenge modern and capable air defence systems. Keen observers might note that Ukraine's drones do not seem much different in form and function to the Iranian-made Shahed drones that Russia has used to pummel Ukraine's cities and civilians since October of last year.
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EU agriculture chief calls for subsidies to ease Ukrainian grain blockage
Alice Hancock - Financial Times
The EU's agriculture chief has proposed that the EU should subsidise the cost of transiting Ukrainian grain through the bloc after Russia pulled out of an initiative to allow exports through the Black Sea.
/jlne.ws/45rLmqO
Ukraine Gets 'Vampire' Rockets From US to Combat Russian Drones; Weapons contracted in January now in operation, Pentagon says; Kyiv to get 14 of the truck-mounted units by year-end
Anthony Capaccio - Bloomberg
Ukraine's troops are now using a US rocket system known as the Vampire to destroy Russian drones, according to the Pentagon. Produced by L3Harris Technologies Inc., the weapons are carried on trucks and allow Ukraine to defeat Russian strikes, the Pentagon's Acquisition and Sustainment Office told Bloomberg News.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Corentine Poilvet-Clediere appointed CEO of LCH SA
London Stock Exchange Group
LCH Group today announces that Corentine Poilvet-Clediere has been appointed CEO of LCH SA, the European CCP based in Paris. Corentine will assume the role on 1 October 2023, subject to any required regulatory approvals and will report to Daniel Maguire, LSEG Head of Post Trade and CEO of LCH Group. The appointment follows the decision from Christophe Hemon to step down as CEO of LCH SA, having been in office since 2004.
/jlne.ws/47W9XWh
Results of the 2023 Survey of Overseas Investors on English Disclosure by Japanese Companies
Japan Exchange Group
Tokyo Stock Exchange, Inc. (TSE) has conducted a survey on English disclosure on overseas investors, with the aim of encouraging disclosures in English based on the needs of overseas investors by identifying the information that they need and then providing feedback of those responses to the listed companies. This is the second survey, following the one conducted in August 2021. In this survey, 89% of the respondents answered that English disclosure is needed for Earnings Reports, 87% for IR presentations, and 85% for Annual Securities Reports, indicating the high demand for English disclosure by overseas investors. Regarding the timing of disclosure of English disclosure, 78% of the respondents for Earnings Reports and 70% for timely disclosure materials needed simultaneous disclosure in English and Japanese.
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Quarterly MWCB Testing - September 9, 2023
New York Stock Exchange
The Securities Information Processors (SIPs) will conduct industry testing of Market-Wide Circuit Breaker (MWCB) Levels 1, 2, and 3 on Saturday, September 09, 2023, between 8:30 a.m. - 12:00 p.m. ET (see SIAC and UTP notices). NYSE, NYSE American Equities, NYSE Arca Equities, NYSE Chicago, and NYSE National will participate in the test from their primary data sites in Mahwah.
/jlne.ws/3PiTW4z
Regulator's Column: What SGX RegCo expects of disclosures around key financial indicators
SGX group
In 2021, Singapore Exchange Regulation ("SGX RegCo") began using artificial intelligence and regtech solutions to enhance its monitoring of issuers' financials. These solutions were initially used to automatically extract relevant financial data. Technology was also used to compute certain pre-determined financial indicators. The data generated helped SGX RegCo identify issuers where queries on their financials were warranted. The ultimate objective was to ensure that Boards fully apprise investors of the issuer's financial position so that investors can make an informed investment decision and better understand its financial performance. Since then, we have surmised that if we make clear our expectations around disclosures in respect of financials, we may be able to help issuers improve their exchange filings around such matters.
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Appendix 3Y - Change Of Director's Interest Notice - Luke Randell
ASX
Attached is an Appendix 3Y Change of Director's Interest Notice for Luke Anthony Randell.Release of market announcement authorised by:
Johanna O'Rourke. Group General Counsel and Company Secretary
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Report On Initial Public Offering Applications, Delisting And Suspensions (As At 31 August 2023)
HKEX
Market Operations. 31 Aug 2023. Report on Initial Public Offering Applications, Delisting and Suspensions (As at 31 August 2023)
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Straits Times Index (STI) quarterly review - September 2023
SGX
No changes to the constituents of the STI. FTSE Russell, a leading global index provider, announces that there will be no changes to the constituents of the Straits Times Index (STI), following the September 2023 quarterly review. A full list of STI constituents can be found on the website.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Exchange Data International Announces Strategic Alliance with Techsalerator on Public Market Data
Exchange Data International
Today, Exchange Data International (EDI), a prominent financial and economic data provider, is pleased to announce the addition of three key data offerings to the Techsalerator Data Marketplace: Global End of Day Pricing, Global Corporate Actions, and Global Security Reference data. Techsalerator is a centralized data provider and a one-stop source for global data acquisition. With this expansion, Techsalerator customers will have access to a wider range of data options to help them get exactly what their company is looking for.
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Robinhood Markets, Inc. To Present At The Goldman Sachs Communacopia & Technology Conference On September 7, 2023
Mondo Visione
Today, Robinhood Markets, Inc. (NASDAQ: HOOD) announced that it will be participating in the upcoming Goldman Sachs Communacopia & Technology Conference on September 7, 2023. Robinhood CEO and Co-Founder Vlad Tenev is scheduled to present on Thursday, September 7, 2023 at 5:25 PM ET / 2:25 PM PT.
/jlne.ws/3qMFglY
Nvidia Partner Expects AI Server Sales to Double in 2024
Debby Wu and Yvonne Man - Bloomberg
Key Nvidia Corp. partner Quanta Cloud Technology expects to double sales of its artificial intelligence servers in 2024 and demand to persist over the longer term as businesses weave AI into their operations and services. The AI boom "actually is going to maintain and you'll see its growth keeping stronger and stronger for the upcoming years," President Mike Yang of supplier QCT, a wholly-owned subsidiary of Taiwan's Quanta Computer Inc., told Bloomberg Television in an interview.
/jlne.ws/3sGfDDF
US curbs AI chip exports from Nvidia and AMD to some Middle East countries
Stephen Nellis and Max A. Cherney - Reuters
The U.S. expanded the restriction of exports of sophisticated Nvidia and Advanced Micro Devices artificial-intelligence chips beyond China to other regions including some countries in the Middle East.
/jlne.ws/3L4FFqR
Microsoft to unbundle Teams to appease EU competition worries; Tech giant to also make it easier for competing apps to be interoperable in bid to stop Brussels' antitrust probe
Javier Espinoza - Financial Times
Microsoft will remove the videoconferencing app Teams from its Office software and make it easier for competing apps to be interoperable with its systems in a bid to stop the EU from pressing ahead with an antitrust probe over alleged uncompetitive behaviour.
/jlne.ws/3PkAtSc
Tradeweb completes Yieldbroker acquisition; The A$125 million acquisition broadens Tradeweb's Asia-Pacific footprint, further opening the door to Australia and New Zealand.
Claudia Preece - The Trade
Tradeweb Markets has closed its A$125 million acquisition of government bond and interest rate derivatives trading platform, Yieldbroker, following a regulatory review. Tradeweb entered into a definitive agreement to acquire Australia-based Yieldbroker in an all-cash transaction in May.
/jlne.ws/3R30wOW
Musk Says X Will Offer Video and Audio Calls in Move Toward Super-App
Charlotte Hughes-Morgan - Bloomberg
/jlne.ws/3PiQqYO
A Guide to TradFi Blockchain Adoption
Diana Zalles and Dan Garzia - CoinDesk
/jlne.ws/47VQIfv
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| Cybersecurity | | Top stories for cybersecurity | University of Michigan shuts down public inter following 'significant' cybersecurity incident
Sean Lyngaas - CNN Politics
The University of Michigan has been without full internet access for two days after staff shut the school's connections down in response to a "significant [cyber]security concern" on the eve of the new school year. The internet shutdown affected campus IT systems used for research and fundraising, and could delay financial aid reimbursements, the university said Monday.
/jlne.ws/47OHx0B
UK government urged to accelerate AI regulatory regime, cybersecurity principles
Michael Hill - CSO Online
The UK House of Commons Science, Innovation, and Technology Committee (SITC) has published an interim report urging the government to accelerate its implementation of a regulatory regime for AI, setting out 12 challenges of AI governance that policymakers and the frameworks they design must meet. There is a growing imperative to ensure AI governance and regulatory frameworks are not left irretrievably behind by the pace of technological innovation, the report states. Policymakers must take measures to safely harness the benefits of AI technology and encourage future innovations, whilst providing credible protection against harm, it adds.
/jlne.ws/3sx4cye
UK cybersecurity agency warns of chatbot 'prompt injection' attacks
Hibaq Farah - The Guardian
The UK's cybersecurity agency has warned that chatbots can be manipulated by hackers to cause scary real-world consequences. The National Cyber Security Centre (NCSC) has said there are growing cybersecurity risks of individuals manipulating the prompts through "prompt injection" attacks.
/jlne.ws/3L3kJAv
Cybersecurity Enters Conversation About Executive Pay
Kim S. Nash - WSJ
Companies are starting to tie bonuses for their chief executives and other top leaders to cybersecurity metrics, a move that governance experts say could make them more secure against hackers. The practice is inching up among the biggest U.S. companies, with nine of the Fortune 100 companies linking a portion of short-term bonuses for named executive officers to a cyber goal in 2022, according to new research from accounting and consulting firm EY. That is up from zero in 2018, EY said.
/jlne.ws/3L2XMgC
They're Forced to Run Online Scams. Their Captors Are Untouchable; Gangs in Cambodia have compelled thousands of captives to defraud unsuspecting victims. Because of political connections, no one is stopping them.
Sui-Lee Wee - The New York Times
Around the world, reports of cyberscam schemes targeting unsuspecting victims online have proliferated rapidly. Southeast Asia has become a center of gravity for those criminal syndicates, often in remote and war-torn corners. But in Cambodia, the scam industry has been flourishing well within the reach of officials.
/jlne.ws/45D2SbW
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bitcoin Holdings on Crypto Exchanges Dwindle to 2M, Fewest Since January 2018
Omkar Godbole - CoinDesk
The number of bitcoin (BTC) held in addresses tied to centralized exchanges slid to the lowest level in more than five years, partially reflecting a growing market sophistication. The so-called exchange reserve dropped 4% to 2 million BTC ($54.5 billion) this month, the fewest since early January 2018, according on-chain data analytics service CryptoQuant.
/jlne.ws/3qVeLe2
'Altcoins' central to Hong Kong crypto firm Hashkey's first liquid fund
Summer Zhen - Reuters
The first secondary crypto market fund launched by Hashkey Capital will invest a significant part of its assets in second-tier cryptocurrencies, with a goal of outperforming market leader Bitcoin, its portfolio manager said.
/jlne.ws/3PiMmXF
Binance to 'Gradually' End Support for BUSD Products
Jamie Crawley - CoinDesk
Cryptocurrency exchange Binance said it will "gradually" end support for its BUSD stablecoin, removing it from spot and margin trading pairs. Users have been asked to convert their BUSD into other assets by February next year in an announcement on Thursday. In the more immediate future, Binance is delisting BUSD as a loanable asset on Sept. 6 and will cease withdrawals of Binance-peg BUSD tokens via BNB Chain, Avalanche, Polygon and Tron on Sept. 7.
/jlne.ws/3L5vbr8
U.S. District Court Judge Labels Ether and Bitcoin as "Crypto Commodities" in Dismissal of Lawsuit Against Uniswap
Decentralized Dog - CoinMarketCap
U.S. District Court Judge Labels Ether and Bitcoin as "Crypto Commodities" in Dismissal of Lawsuit Against Uniswap
In a significant legal development, United States District Court Judge Katherine Polk Failla has dismissed a class-action lawsuit against decentralized exchange (DEX) Uniswap while categorizing Ethereum (ETH) and Bitcoin (BTC) as "crypto commodities."
/jlne.ws/47RFjNP
Sam Bankman-Fried attorneys say they are 'unable to adequately prepare' for trial
Lauren Sforza - The Hill
FTX founder Sam Bankman-Fried's legal team told the federal judge overseeing his case that they are "unable to adequately prepare" for his trial. In a letter addressed to U.S. District Judge Lewis A. Kaplan, the lawyers argued that the government did not provide their client with regular and reliable access to the discovery, didn't provide adequate internet access and did not provide him with the "ability of counsel to consult with and discuss the defense" with their client.
/jlne.ws/44wRVqH
Sam Bankman-Fried wants to pay expert witnesses up to $1,200 an hour. Prosecutors are trying to block them
Leo Schwartz - Fortune
/jlne.ws/3qSpJkn
Sam Bankman-Fried could have FTX fraud trial delayed
Luc Cohen and Jonathan Stempel - Reuters
/jlne.ws/3L1pH0k
Tether Leaning on Bahamas-Based Britannia as US Banks Cut Crypto Ties; Britannia Bank & Trust processes dollar transfers for Tether; Stablecoin issuer faces long-standing questions on reserves
Yueqi Yang and Olga Kharif - Bloomberg
/jlne.ws/3sAQISh
Robinhood owns $3 billion in bitcoin, making it the 3rd-biggest holder of the token
Phil Rosen - Business Insider
/jlne.ws/44sRUEd
Crypto keeps picking the worst champions. Should the industry defend the Tornado Cash founders?
Leo Schwartz - Fortune
/jlne.ws/3L4Q0CT
Grayscale CEO predicts a crypto environment 'we haven't seen before' after legal win
David Hollerith - Yahoo! Finance
/jlne.ws/3qUnWve
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| Politics | | An overview of politics as it relates to the financial markets | US curbs AI chip exports from Nvidia and AMD to some Middle East countries
Stephen Nellis and Max A. Cherney - Reuters
The U.S. expanded the restriction of exports of sophisticated Nvidia and Advanced Micro Devices artificial-intelligence chips beyond China to other regions including some countries in the Middle East. Nvidia said in a regulatory filing this week that the curbs, which affect its A100 and H100 chips designed to speed up machine-learning tasks, would not have an "immediate material impact" on its results.
/jlne.ws/3L4FFqR
UK government seeks expanded use of AI-based facial recognition by police; Move comes after privacy campaigners and independent academics criticised technology for being inaccurate
Anna Gross and Madhumita Murgia - Financial Times
The Home Office is looking to increase its use of controversial facial recognition technologies to track and find criminals within policing and other security agencies. In a document released on Wednesday, the government outlined its ambitions to potentially deploy new biometric systems nationally over the next 12 to 18 months.
/jlne.ws/3sATiaV
UK publishers urge Rishi Sunak to safeguard intellectual property from AI; Trade body calls on prime minister to ensure developing technology is trained 'transparently'
Daniel Thomas - Financial Times
Print this pageUK publishing industry chiefs have called on Rishi Sunak to safeguard the intellectual property rights of the creative industries from artificial intelligence ahead of a government-hosted summit on the developing technology In a letter seen by the Financial Times, the Publishers Association (PA) urged the prime minister to ensure that "UK intellectual property law be respected when any content is ingested by AI systems and a licence obtained in advance".
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The world should study China's crushing of Hong Kong's freedoms; Repression in Hong Kong is a work in progress, and a revealing window on the party's worldview
The Economist
"Hong Kong is becoming less and less relevant," says a Western diplomat in the city. On the face of it, that is an odd claim. Lots of foreign governments take Hong Kong seriously, noting each step of the financial centre's journey towards autocracy. Only last month the governments of America, Australia and Britain formally protested when the authorities in Hong Kong announced bounties of HK$1m ($128,000) on eight democracy activists living as exiles in their respective countries.
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China's bid for world domination has backfired
Con Coughlin - The Telegraph
Xi Jinping, the Chinese president, might dream of global conquest, but the sobering reality is that he finds himself running a country whose ability to influence world affairs may now be waning. It was not that long ago that Xi was telling the Chinese people that their country was entering a "new era", one where China would take "centre stage in the world". Addressing the massive Great Hall of the People near Tiananmen Square in 2017, he declared that "socialism with Chinese characteristics" would lead to China becoming "a great power," and that its "flourishing" economic model offered a "new choice" for developing countries.
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| Regulation & Enforcement | | Stories about regulation and the law. | DOJ, SEC Investigate Tesla Over Secret Glass House Project; Prosecutors are investigating Tesla's use of funds on a project described internally as a house for Elon Musk
Rebecca Elliott and Dave Michaels - The Wall Street Journal
Manhattan federal prosecutors are investigating Tesla's use of company funds on a secret project that had been described internally as a house for Chief Executive Elon Musk, people familiar with the matter said. The U.S. Attorney's Office for the Southern District of New York has sought information about personal benefits paid to Musk, how much Tesla spent on the project-which called for a spacious glass structure to be built in the Austin, Texas, area-and what it was for, the people said.
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CFTC enforcement trends - Three key issues to watch
Jeff Reeves - FIA
The US Commodity Futures Trading Commission's Division of Enforcement is having a busy year - again. In fiscal 2022, the agency imposed over $2.5 billion in penalties on registered entities. And as it looks to close out its fiscal 2023 at the end of September, the CFTC is on track to meet or exceed that figure.
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Grayscale's SEC Victory May Render Alameda's Redemptions Lawsuit Unnecessary, Bloomberg Analysts Say
Ian Allison - CoinDesk
A knock-on effect of Grayscale's recent favorable ruling against the U.S. Securities and Exchange Commission is that it potentially renders meaningless a lawsuit brought by FTX affiliate Alameda Research, which called for the Grayscale Bitcoin Trust to reduce its fees and implement a redemption program.
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ESMA sees prevailing market uncertainty as downside risks rise
ESMA
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'5 mins with FMA' podcast #7: Phony investment scams and how to protect yourself
Financial Markets Authority
Today we're looking at scams - particularly those investment scams that have led to Kiwis losing a lot of money - we're talking retirement savings, house deposits and hard-earned savings being stolen by overseas criminals. We're speaking to Sam McGuire, the FMA's Regulatory Services manager. She sees a lot of the scam complaints that come in and she's got some good advice for keeping safe.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Big investors seek damages from Glencore over 'untrue statements' in prospectuses; Asset managers' legal action follows trading house's guilty pleas to bribery and corruption last year
Leslie Hook - Financial Times
Dozens of the world's biggest asset managers have accused the trading house Glencore of lying in past share prospectuses to cover up corrupt activities, escalating a far-reaching action in London's High Court that could have significant ramifications for the natural resources industry.
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Capital Markets Are Reopening for Europe's Banks; Investor appetite for subordinated debt from the region's financial firms is starting to recover after the Credit Suisse bondholder wipeout shuttered the market.
Marcus Ashworth - Bloomberg
As summer ends and the sun loungers get stacked away so the seasonal demand from European banks to raise capital is reappearing. Financial institutions have issued senior bonds in dribs and drabs in recent months, but this week is seeing new supply in the riskiest form of subordinated debt - evidence that investors are becoming more comfortable in allocating fresh money to the region's banks.
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Straits Times Index (STI) quarterly review
FTSE Russell
FTSE Russell, a leading global index provider, announces that there will be no changes to the constituents of the Straits Times Index (STI), following the September 2023 quarterly review.
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Europe's Biggest Oil Company Quietly Shelves a Radical Plan to Shrink Its Carbon Footprint; A faltering offsets program points to new problems with the corporate world's favorite "climate solution."
Alastair Marsh and Will Mathis - Bloomberg
Six months after becoming the chief executive at Shell Plc, Wael Sawan quietly ended the world's biggest corporate plan to develop carbon offsets, the environmental projects designed to counteract the warming effects of CO2 emissions. In an all-day investor event in June, Sawan laid out an updated strategy for the European oil major that included cutting costs and doubling down on profit drivers like oil and gas.
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The Biggest Fossil Fuel Subsidies Are Indirect, and Bigger Than Ever; Implicit subsidies for fossil fuels - the underpriced costs of their environmental effects - come to 5% of global GDP yet are difficult to rein in.
Nathaniel Bullard - Bloomberg
The world is headed for a record year of investment in the energy transition. Every new clean electron generated by wind turbines and solar arrays, and each new battery-powered car and hydrogen electrolyzer, will reduce some measure of the fossil fuels consumed on the planet's roads and grids. More than $1 trillion was spent on the transition last year, and almost certainly will be spent again in 2023. Big as that figure is, it pales in comparison to another energy-related outlay: subsidies for fossil fuels and electricity. The International Monetary Fund calculated that just over $7 trillion in subsidies went to fossil fuels last year.
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What Are Carbon Offsets? Are They a Credible Climate Solution? For many industries, the cost of addressing their climate pollution can be daunting.
Ben Elgin and Akshat Rathi - Bloomberg
You'll hear lots of pledges from companies and governments to cut the greenhouse gases they release to "net-zero." That's because they need to completely halt their release of carbon emissions to avoid some of the worst consequences of climate change. But how to get there? In many cases, it may prove too costly to go all the way to zero. That's where the concept of carbon offsets comes in, though their use is controversial.
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Your Carbon Footprint Should Bring You Joy; "If you are going to do something that is emitting, it better be something that brings you a lot of joy," Greener Living editor Kira Bindrim says on this week's Zero.
Christine Driscoll, Akshat Rathi, and Oscar Boyd - Bloomberg
Tackling the climate crisis raises questions both technical (will carbon removal save us?) and philosophical (do international agreements matter?), with strong opinions and narrow middle ground. It also raises a personal query: Do individual actions matter? And if so, what should I change about my own? On the latest episode of Zero, Akshat Rathi sits down with Kira Bindrim, editor of Bloomberg's Greener Living section, who has spent the past year working on stories that touch on this very topic.
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In the woke wars, there are no winners; Anti-ESG, anti-anti-ESG
Louis Ashworth - Financial Times
Woke! [pause for applause/booing] OK great stuff, let's look at some words and pictures. From Barclays: The 2022-23 proxy seasons have featured increases in both pro-ESG and anti-ESG shareholder proposals - and lower success rates for both. Looking at Fortune 250 companies over the past half-decade, analysts Jessica Whitt and Alexa Walls found environmental and social proposals are more popular than ever, and also less popular than ever.
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Wind Energy Giant Orsted Says Delays in U.S. May Cost $2 Billion; Supply chain problems and high interest rates are hurting U.S. projects, the Danish company said.
Stanley Reed - The New York Times
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Warmer Waters Put Sea Turtles on a Collision Course With Humans; More turtles on Cape Cod's shores means a higher risk of boat strikes.
Georgia Hall - Inside Climate News
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Race for Speedier Lithium Is Underway From Arkansas to Argentina; Dozens of firms aim to prove skeptics wrong as they push ahead with new lithium extraction methods.
James Attwood and Yvonne Yue Li - Bloomberg
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Activists Crash Powerful Economic Symposium in Jackson Hole as Climate Protests and Responses to Them Escalate; Demonstrators called out the Federal Reserve and international financial regulators for inaction on climate and inattention to fossil fuels' financial risks.
Keerti Gopal - Inside Climate News
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | ADX Launches Investment Outlook Report In Partnership With Five Leading Brokers
Mondo Visione
The Abu Dhabi Securities Exchange (ADX) has partnered with five of the leading research providers in the UAE to launch the Investment Outlook Report (IOR). Aimed at retail investors, the IOR is intended to educate individual investors on opportunities available on the Exchange and to assist them in making sound investment decisions.
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Fight over Sculptor hedge fund sale entwined in Daniel Och's tax affairs; The value of the former Och-Ziff Capital Management has plunged 96% since its 2007 IPO
Sujeet Indap, Ortenca Aliaj and Antoine Gara - Financial Times
Sculptor Capital Management explicitly warned investors ahead of its 2007 initial public offering that "conflicts of interest" stemming from a complicated ownership structure could one day pit the hedge fund's billionaire founder Daniel Och against public shareholders.
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UK pension schemes could save £2bn in fees, research finds; Data showing big gaps in investment costs suggests lack of transparency is hitting pension savers
Chris Flood - Financial Times
UK pension schemes could save about £2bn from fees paid to asset managers without sacrificing returns, according to research that suggests price competition among institutional investors is failing to drive down costs. Asset managers often offer fee discounts to key clients such as pension schemes to win their business but details of these deals have historically been a closely guarded secret.
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The dangers of leveraged ETFs; The BoE is taking an interest
Robin Wigglesworth - Financial Times
Most ETFs are big, broad, boring and cheap beta. But there's now probably close to $200bn in leveraged and inverse ETFs, and their market impact is growing. Leveraged and inverse ETFs use derivatives and margin loans to either deliver extra juice to investors - say, three times the daily return of the underlying index - or the opposite of what the index does.
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JPMorgan AM to switch smart beta ETF to an active strategy; Rising demand for active ETFs could prompt more asset managers to make similar moves, experts say
Jessica Tasman-Jones - Financial Times
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UBS Seeing Inflows Across Units in Third Quarter, CEO Ermotti Says
Francine Lacqua and Alessandro Speciale - Bloomberg
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UBS to absorb Credit Suisse's domestic bank
Reuters
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MUFG Brokerage JV Sued in Japan Over Credit Suisse AT1 Sales
Takashi Nakamichi and Rie Morita - Reuters
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| Work & Management | | Stories impacting work and more about management ideas, practices and trends. | Visual artists fight back against AI companies for repurposing their work
Jocelyn Noveck and Matt O'Brien - AP News
Kelly McKernan's acrylic and watercolor paintings are bold and vibrant, often featuring feminine figures rendered in bright greens, blues, pinks and purples. The style, in the artist's words, is "surreal, ethereal ... dealing with discomfort in the human journey." The word "human" has a special resonance for McKernan these days. Although it's always been a challenge to eke out a living as a visual artist - and the pandemic made it worse - McKernan now sees an existential threat from a medium that's decidedly not human: artificial intelligence. It's been about a year since McKernan, who uses the pronoun they, began noticing online images eerily similar to their own distinctive style that were apparently generated by entering their name into an AI engine.
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Use Your Phone as a Pocket Tutor for Study on the Go
J. D. Biersdorfer - The New York Times
Autumn is edging closer, and the return to a more regular office schedule looms for many people - and with it, the waiting time for transportation, meetings and appointments. Games, reading, social-media scrolls or just zoning out are common ways to spend these spells, but if you want more mental stimulation, why not boost your brain with brief lessons in subjects that interest you? Here's a guide to finding Android and iOS apps that turn your smartphone into a traveling pocket tutor.
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| Wellness Exchange | | An Exchange of Health and Wellness Information | Female Surgeons Get Better Results Than Male Counterparts; Patients treated by female surgeons were less likely to experience adverse complications, studies find
Julie Wernau - The Wall Street Journal
In a male dominated industry, female surgeons spend more time in the operating room and their patients endure fewer postoperative complications. That's the conclusion of two research studies published Wednesday in JAMA Surgery. Researchers found better outcomes for patients treated by female surgeons in the sweeping reviews of millions of procedures in Canada and Sweden.
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For Women With Money Issues, an A.D.H.D. Diagnosis Can Be Revelatory
Paulette Perhach - The New York Times
Seven years ago, I wrote an essay about what life would feel like if I didn't struggle with saving money. In it, I envisioned the power of having enough in emergency funds to tide me over in case I needed to leave an abusive job or relationship. But writing that essay and having it go viral failed to change the struggle I had with my own bank account. In building my financial house, I continued my fractured existence as its construction worker, arsonist and firefighter.
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Long Covid and learning from past trauma 9/11's aftermath is an invaluable source for those studying newer shocks
Gillian Tett - Financial Times
In the coming days, a sombre annual ritual will take place in lower Manhattan: the ceremony held on September 11 to honour the victims of the attack on the World Trade Center in 2001, when almost 3,000 people died. This year's event will incorporate something new, says Elizabeth Hillman, president and chief executive of the 9/11 Memorial Museum. A moment to honour the long-term suffering of the wider community around the World Trade Center.
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Surgeons Are Double and Triple Booking Procedures That Residents Must Perform
John Holland - Bloomberg
Doctors at some of the largest US teaching hospitals are blowing the whistle on a lucrative practice they say endangers patients: Surgeons scheduling two or even three operations at virtually the same time, leaving during critical portions, then billing Medicare for work they didn't do.
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Covid Isn't Seasonal. So Why Are Covid Booster Shots? Evidence is mounting that once again the virus has surprised us.
Cailley LaPara - Bloomberg
In a few weeks, the new Covid booster shot will roll out to Americans, designed to fight recent variants just as cases begin to tick up with colder weather. There is just one hitch with this plan: Covid does not actually appear to be a seasonal virus, as many expected.
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | India Exempts Some Nations From Rice Curbs for Food Security; The government to sell rice to Bhutan, Singapore and Mauritius; India had pledged to allow some sales on humanitarian grounds
Pratik Parija - Bloomberg
India has permitted some rice shipments to Mauritius, Bhutan and Singapore for food security purposes after the South Asian nation imposed sweeping export restrictions to control domestic prices. The world's top exporter agreed to sell 79,000 tons of non-basmati white rice to Bhutan, 50,000 tons to Singapore and 14,000 tons to Mauritius, according to a commerce ministry notification late Wednesday.
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Why Europe is a magnet for more Americans; The number seeking to escape violence and political strife in the United States is small but growing
The Economist
"What I envy you is your liberty," says Count Valentin de Bellegarde to Christopher Newman, the protagonist of Henry James's novel "The American". Rich, self-made and free of class prejudice, Newman moves to Paris for fun, only to be sucked into the intrigues of the French aristocracy. The template still describes one type of American expat: the well-off innocent who comes to Europe for amusement or edification.
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'From Black Gold to Frozen Gas' Review: A Natural Gas Powerhouse; The discovery of natural gas off the shores of Qatar has transformed this inhospitable Persian Gulf peninsula into a major geopolitical player.
Mark P. Mills - The Wall Street Journal
The authors of "From Black Gold to Frozen Gas" probably didn't intend it, but they've provided grist for an epic miniseries. The new show would be a mash-up of "Succession" and the wildly popular 1983 series "The Thorn Birds." But instead of the latter's multigenerational saga about a farming family's struggles in the inhospitable Australian Outback, the new show would trace the multigenerational story of one family's struggles on an inhospitable Persian Gulf peninsula. And it would feature, like "Succession," the labyrinthine maneuverings of a globe-spanning family business, with all the family intrigue and infighting that ensues. The main difference is that "Qatar" would pivot around natural gas, the single most important energy commodity of the early 21st century.
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Northern Europe's Cool Spell Shifts to Warmer Weather by Weekend
Ellie Harmsworth - Bloomberg
The cool, wet weather that's predominating across northern Europe as August draws to a close will give way to higher temperatures over the weekend. Flood warnings are still in place in Norway, while heavy rainfall in northern France around Lille could cause moderate damage, according to Europe's meteorological network.
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The US Is Losing the Corn-Exporting Crown; Latin America's biggest country shipped more of the staple crop overseas in the 2023 season, and it's on track to do it again in 2024.
Michael Hirtzer and Dominic Carey - Bloomberg
For more than half a century, US farmers dominated the international market for corn, shipping more of the critical crop than any other country to feed the world's livestock, fill its stockpiles and manufacture its processed foods. No more. In the agricultural year ending Aug. 31, the US handed the corn-exporting crown to Brazil. And it might never get it back.
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| Miscellaneous | | Stories that don't quite fit under the other sections | Trump-owned tower downgraded as tenants flee Financial District
Aaron Elstein - Crain's New York Business
A package of loans including one tied to the Donald Trump-owned 40 Wall Street was downgraded because older tenants have moved out of the building while newer ones delayed moving in.
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